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Waaree Energies has seen its shares soar over 80% from the issue price of Rs 1,503, reaching a record high of Rs 2,718 on October 31, following a strong market debut with a 70% premium. The company raised Rs 4,321 crore through its IPO and now holds a 21% market share in India’s solar sector, with a production capacity of 13.3 GW.
Waaree Energies shares debuted strongly on October 28, opening at Rs 2,550 on the BSE, a 69.66% increase from the issue price, and Rs 2,500 on the NSE, reflecting a 66.33% gain. However, the stock quickly fell nearly 9% amid profit booking, reaching an intraday low of Rs 2,300 on the NSE and Rs 2,294.55 on the BSE. Market experts are now weighing buy, sell, or hold strategies for investors.
Waaree Energies Ltd is set to debut on the stock market on October 28, with analysts predicting a listing premium of around 100% due to strong demand during its IPO, which was oversubscribed 76.34 times. The IPO, priced between Rs 1,427 and Rs 1,503 per share, attracted significant interest from institutional investors, raising Rs 1,277 crore. Analysts highlight the company's leading position in solar PV manufacturing and robust growth prospects as key factors for its anticipated strong market entry.
Waaree Energies' IPO has garnered immense interest, receiving a record 97.34 lakh applications and achieving a subscription rate of 76.34 times, with bids for 160 crore shares against 2.10 crore on offer. The Rs 4,321.44 crore issue, priced between Rs 1,427 and Rs 1,503 per share, previously raised Rs 1,277 crore from anchor investors. In the grey market, the IPO's GMP reached Rs 1,500 - 1,510, indicating potential listing gains exceeding 100%.
Waaree Energies' Rs 4,321-crore IPO was oversubscribed nearly 12 times on its third and final day, with non-institutional investors leading the demand at 36 times their reserved portion. The company, a key player in solar energy with an installed capacity of 12 GW, operates five manufacturing plants across India. Retail and employee quotas were subscribed 7.5 times and 3.5 times, respectively, while qualified institutional buyers subscribed 1.8 times their portion.
The IPO of Waaree Energies is set to close today, having garnered significant investor interest. As of Day 2, the offering received bids for over 10.8 million shares, resulting in an oversubscription of 5.22 times against the 2.1 million shares available.
Hyundai Motor India's IPO debuted weakly on Indian stock exchanges, listing below its issue price amid a generally strong primary market. In contrast, Waaree Energies' IPO saw robust retail participation, fully subscribed on its first day, with expectations of a favorable listing premium based on grey market trends.
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